KYC (Know Your Customer) is one of the key parameters for any service that deals with money. Financial institutions utilize it to identify their clients and evaluate/track their risk. KYC verifies that a customer is who they claim to be. Respecting KYC rules aids in preventing common fraud schemes, such as money laundering and terrorism financing.
On the other hand, KYC is a serious privacy threat. Let’s examine the possible repercussions:
- Your privacy has been compromised if you have ever passed the KYC procedure of the affected cryptocurrency exchanges.
- Anyone with access to your personal info might start a fictitious account in your name. They can launder millions of dollars through phony crypto exchange accounts.
We are approaching the point where millions of people’s privacy may be jeopardized by a universally enacted KYC process. Potential hackers can also carry out impersonation attacks using stolen identities.
That’s the reason why traders use anonymous cryptos (Monero, Dash, and Zcash) and look only for DEXs. Still, many people these days want to acquire some bitcoins. Here’s how you can swap your XMR to BTC while enjoying anonymity.
5 Non KYC Required Bitcoin to Monero Exchanges
Users can trade crypto in a safe environment on Godex — a privacy-focused cryptocurrency exchange. Godex allows customers to exchange more than 300 coins at a fixed rate.
The team has decided not to gather and store user data because of the confidentiality and private nature of cryptocurrencies. Godex protects the client’s right to privacy and financial security in this way.
Visit this link — https://godex.io/exchange/dgb-to-btc to make sure the site is running in fully automatic mode. The only case where humans interact is when you contact 24/7 customer support.
A one-stop trading platform, PrimeXBT allows buying and selling cryptocurrencies, the majority of significant stock indexes, commodities, and foreign currencies.
It also includes an innovative “covering” function. It enables you to view and imitate the trading moves of the website’s top investors, in addition to allowing margin trading up to 100x.
Moreover, you can predict short-term price movements using its “turbo” trading feature. If your prediction is accurate, you quickly turn a double-digit profit. Sadly, PrimeXBT is unavailable in 14 countries, including the United States and Canada, and this has an impact on its ranking among traders.
Binance offers you a protected environment with a robust platform and a wide selection of coins. Other cryptocurrency services provided by Binance include P2P trading, savings, investing, staking, etc.
The Binance app offers the greatest trading experience (clear charts, real-time pricing, and straightforward buy/sell order execution), and is simple to use with a good UI.
While the platform allows non-verified users to leverage some functionality, with KYC authentication, a trader can access a variety of additional cryptocurrency trading options. They include margin trading, futures contracts, perpetual contracts, trading bots, and lending/borrowing services.
A cryptocurrency exchange KuCoin moved to Hong Kong from China in search of a more hospitable regulatory environment. It has a strong reputation for being dependable, secure, and user-friendly (ideal for beginners).
KuCoin is renowned for being an early adopter of new digital coins. It currently lists over 500 cryptocurrencies and tokens. The service will be helpful to traders who want to experiment with novel cryptocurrencies.
Additionally, KuCoin offers a native crypto KuCoin Shares (KCS) that supports a user loyalty program.
Bisq is a decentralized cryptocurrency exchange with servers spread across the world. Due to its decentralized nature, Bisq is safer than conventional exchanges and allows P2P Bitcoin trading. Thanks to its decentralized autonomous organization (DAO), Bisq has a variety of benefits because it is not based in a single place or state.
Users can safely purchase and sell cryptocurrencies using the user-friendly, decentralized, blockchain-based trading platform.